Financial and economic information and perspectives to assist your analysis of the world's stock exchanges, commodity markets, currency and gold prices. At times we will also give opinions about interest rates and bond markets. Occasionally discussion will occur about the place of world history in these events.
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comments:
Anonymous
said...
Informative, useful article. I guess it's time to revisit "Black Swan" by Nassim Taleb. I believe Taleb's basic idea is that most bankers and their economic advisors live in a fantasy world in which they imagine they can actually control the future. Most of these folks are clueless and base their decisions on a misunderstanding of reality. 'Just wait 'till China sells off its U.S. Treasuries, hoards more gold, and defaults on oil futures contracts. What is it about reality that our economists and central bankers don't understand?
Spot on, mate. Especially the tale from the Bank of Scotland. I wonder what kind of leaves their bank officers take at tea time. What kind of reality are these folks imagining? I found an interesting factoid from the Sunday edtion of the "Hawaii Tribune-Herald" that may prove a bit amusing. The Hawaii Island newspaper cites a report from the state which shows the unemployement rate for Hawaii County remained in double-digit figures for the fourth consecutive month. The only positive news in the report was that the rate isn't getting any worse. The seasonally adjusted unemployment rate of 10.3 percent is falling slowly. Not exactly a time to break out the tea and crumpets, laddie.
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2 comments:
Informative, useful article. I guess it's time to revisit "Black Swan" by Nassim Taleb. I believe Taleb's basic idea is that most bankers and their economic advisors live in a fantasy world in which they imagine they can actually control the future. Most of these folks are clueless and base their decisions on a misunderstanding of reality. 'Just wait 'till China sells off its U.S. Treasuries, hoards more gold, and defaults on oil futures contracts. What is it about reality that our economists and central bankers don't understand?
Spot on, mate. Especially the tale from the Bank of Scotland. I wonder what kind of leaves their bank officers take at tea time. What kind of reality are these folks imagining? I found an interesting factoid from the Sunday edtion of the "Hawaii Tribune-Herald" that may prove a bit amusing. The Hawaii Island newspaper cites a report from the state which shows the unemployement rate for Hawaii County remained in double-digit figures for the fourth consecutive month. The only positive news in the report was that the rate isn't getting any worse. The seasonally adjusted unemployment rate of 10.3 percent is falling slowly. Not exactly a time to break out the tea and crumpets, laddie.
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